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Morning Brew Daily
High-Income Shoppers Flock to Walmart & Jersey Mike’s $8B Bet to Take On Subway
Nov 20, 2024
Walmart is strategically attracting high-income shoppers, reporting impressive earnings as they gear up for the holidays. Jersey Mike's is making waves with an $8 billion investment from Blackstone, positioning itself as a contender against Subway. Meanwhile, Jaguar is rebranding for the ultra-luxury electric vehicle market. Northwestern is pushing boundaries with plans for a groundbreaking stadium experience. Tune in for insights on these trends and the latest headlines to keep you informed!
29:15
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Quick takeaways
- Walmart's impressive third-quarter earnings reveal a successful strategy targeting high-income shoppers, significantly boosting its market share and online sales.
- Blackstone's acquisition of Jersey Mike's underscores the sandwich chain's growth potential as it aims to expand its locations from 3,000 to 10,000, outperforming competitors.
Deep dives
Walmart's Remarkable Growth
Walmart reported impressive third-quarter earnings, with comparable U.S. sales growing by 5.3%, significantly surpassing expectations. The retailer's online sales soared by 22%, demonstrating its ability to compete in the e-commerce arena against giants like Amazon. Notably, affluent shoppers, particularly those with households earning over $100,000 a year, accounted for 75% of Walmart's market share gains. This shift in customer demographics is part of Walmart's strategic pivot toward premium offerings, including a new line of upscale food products.
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